When the summer ends and kids start new grades at school, many moms begin thinking about starting something new, as well. Now could be the time to start that business you’ve dreamed of owning.
My advice to many first time entrepreneurs is to keep things simple and manageable, particularly in the beginning. A good idea is to ease into entrepreneurship by choosing a business you can start part time. This can allow you to keep your day job, whether it is taking care of the kids or a paying job outside the home.
Consider Starting an eCommerce business
An eCommerce business saves on overhead, and platforms such as Amazon, eBay and Facebook allow you to start an eCommerce storefront on their existing sites. Further, they give you advice along the way.
Begin at Home
Home-based businesses are quite common today, and you’ll save time and money by not having to commute. Staff your startup with virtual contractors (“eLancers”) and make use technology to stay in touch with clients. (Be sure to check with your city’s zoning board to make sure home-based businesses are legal in your area.)
Consider Buying a Franchise
Franchise companies sell you the right to operate a business according to their proven systems, and train you how to successfully run your business. There are plenty of part-time, low-cost franchise opportunities available; visit the International Franchise Association (IFA) website to learn more.
It’s easier to be a big fish in a small pond. Honing in on a specific, very narrow target market is often a faster route to success. Identify a market that few others are targeting, and focus on that.
Once your business is up and running, consider what business format it should take. Establishing a corporation or LLC provides legitimacy to your business while providing protection for your personal assets by separating them from the assets of the company (in case a customer or vendor makes a claim against the firm). Web sites such as www.incorporate.com can help you pick the right business format for your company.